There is a parallel to June in the equity market selloff

Author: Adam Button | Category: News

It's turning into a rough day

The S&P 500 is nearing the September low as the decline extends to 37 points on the day. We're just 10 points from the Sept bottom of 3310. A break would be a six-week low.

There's an interesting parallel to the price action after the June FOMC. I've highlighted with an arrow that day and this week's FOMC. You can see some late-day selling both days followed by a gap lower the next day.
Last time, a marginal new low was traced out the following Monday before a sharp turnaround.

It's also worth noting that the Nasdaq has just taken out the September low.
Nasdaq has just taken out the September low.

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